The $pizza project is an experiment within the Cardano community originally created to bring awareness to Cardano Defi, specifically liquidity pools on Minswap.org while at the same time honoring the great pineapple pizza Cardano community debate of March 2022.
Since its creation, the community has voted to not abandon the $pizza project and suggested over 20 different utility ideas only 48 hours after its introduction which can be seen here https://twitter.com/pizza_cardano/status/1504920896573620229
Currently, the $pizza project has not yet developed any utility. Therefore, the $pizza token currently exists only as a tasty meme on the Cardano blockchain.
Only with the continued grassroots support of the community will the $pizza project continue building use cases like the ones above.